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Measuring HR and Human Resource Accounting, Slides of Human Resource Management

Vijayanagara Sri Krishnadevaraya UniversityHuman Resource Management

The importance of measuring HR and the changing role of HR as a strategic partner. It also covers the concept of Human Resource Accounting and its benefits. Additionally, it explains the process of benchmarking and the different approaches to HR audit.

Typology: Slides

2021/2022

Available from 06/29/2023

laxman-toli
laxman-toli 🇮🇳

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Measuring HR
❖Measuring HR
❖Changing role of HR: HR as a strategic partner
❖Benchmarking
❖Human Resource Accounting
❖Human Resource Audit
❖HR Cost monitoring
❖Human resources of effectiveness Index
❖HR Key Performance Indicators
❖Human Resources Key Indicators
❖MBO(Management by Objectives)
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Measuring HR

❖ Measuring HR ❖ Changing role of HR: HR as a strategic partner ❖ Benchmarking ❖ Human Resource Accounting ❖ Human Resource Audit ❖ HR Cost monitoring ❖ Human resources of effectiveness Index ❖ HR Key Performance Indicators ❖ Human Resources Key Indicators ❖ MBO(Management by Objectives)

Measuring HR

  • HR measures are sometimes talked about in the context of measuring the contribution of the HR function. An example of such measures might be the staffing costs of the HR function, recruitment speed, training delivery, management satisfaction with HR advice and services, and so on
  • Organizations can collect and make use of three types of HR measures: measures of efficiency, effectiveness and impact.
  • Efficiency refers to the amount of resources used by HR programs, such as cost-per-hire.
  • Effectiveness refers to the outcomes produced by HR activities, such as learning from training.
  • Impact refers to the business or strategic value created by the HR activities, such as higher sales.

Measuring HR

Changing role of HR: HR as a strategic partner

  • HR is shifting from focusing on the organization of the business to focusing on the business of the organization
  • HR is more important than ever, people are the only sustainable source of competitive advantage.

Changing role of HR: HR as a strategic partner

  • The HR function must go beyond delivering services, maintaining records and auditing. It needs to spend time being a member of the management team, doing strategic HR Planning, and making contributions to organization design, strategy development, and strategic change

HR as a strategic partner

  1. Participates in designing & defining organization’s strategies
  2. Contributes to management team’s strategic decision-making
  3. Focuses on aligning HR strategies & practices with business strategy translate business strategy into HR priorities
  4. Strategically manage people & infrastructure to support the execution of strategies & the creation of value
  5. Strategically manages workforce development

Six qualities for HR as a strategic partner

  1. Patience: The products and businesses go through three phases: vision, patience, and execution. the patience stage is the toughest and most uncomfortable.
  2. Fairness: In a turbulent global economy, the dilemma among the business and HR fraternity continues especially in cases when the decision is either to indulge in unfair practices, implement short-term strategies and quick fixes, or to take a patient, long-term approach towards sustainable development. Though there is always a freedom of choice, the consequences are usually correlated to the path that either the business or HR chooses.

Six qualities for HR as a strategic partner

  1. Self- discipline: HR leaders will normally be confronted with situations requiring negotiation. Self-control is the essence of negotiation.
  2. Risk-taking ability : Risk taking is an integral part of business and life. It is thus, quite relevant for HR leaders to take calculated risks in dealing with people and impacting the bottom line of the business

Need for measuring HR

  1. To assess the functional Nature of HR
  2. To Understand the professional Expertisation
  3. Financial Contribution
  4. To understand the gap between need and fulfillment.
  5. To modify and create new HR Strategies
  6. Technological Solutions for various Problems.

Meaning of Benchmarking

  • Benchmarking is a process where different companies compare their nature of work with other companies in the same field of business and they set certain type of standard of working.
  • Basically Benchmarking is a practical Management tool for improving performance by learning from best practices and the processes by which they are achieved. In short, it is a way of learning and making the most of other people’s experience and expertise and avoiding the duplication of efforts, rather avoiding “reinventing the wheel”
  • Benchmarking is mainly related to assess the performance level of organizations or individuals.
  • performance information collection is generally expressed in measurable, quantifiable units and making comparisons with other compatible organizations.

Levels of Benchmarking

1 ) Internal benchmarking: In this type of benchmarking the comparison of practices and performance is done between teams, individuals or groups within an organization 2 ) Competitive Benchmarking: In this level comparison with rival’s product and processes are made to know the competitive advantage. The task of collecting above information from rival company is very difficult but efforts can be made to snatch information needed for benchmarking. ( 3 ) Functional Benchmarking: Here the comparison of functions or processes is made with the best company in the industry or in the world. The efforts are on to follow the processes and functions of the best company to improve the results.

Value of Benchmarking

  • Helps to identify and facilitate sharing of key performance factors for peer organizations.
  • Evaluates performance measures and goal-setting
  • Encourages the collaboration on the development of industry performance measurements.
  • “Conformance” thinking to “performance” thinking yields dramatic business improvements.

Advantages of Benchmarking

  • It is an effective ‘wake-up call’ which helps to work as an agent for change.
  • It is a practical approach in which changes in performance and replicating the best practices already undertaken by someone else.
  • It provides better understanding of the ‘big picture’ and gaining a broader perspective of the interplay
  • It gives impetus of seeking new ways of doing things which comes through learning only
  • It promotes a culture that is receptive to fresh approaches and ideas
  • It gives the greater confidence to staff in developing and applying new approaches.
  • It helps to improve quality, productivity and assist to identify priorities for improvement.

Process of Benchmarking

  • Benchmarking is treated as a structured process and it is best provided by the development of a step by step model.
  • The important part here is that a proper structure provides the ways and means of conducting benchmarking but it should not be formulated in such a manner so as to create complex situations.